I listed one of my site on the site(to sell), I set BIN(buy it now) price to a reasonable one, considering the revenue and the effort required to maintain the site. The site is a legitimate one, making passive income, a good domain and more than 2 years old. I decided not to reduce the price even if I couldn't sell the site. (I spent around $60 to list the site).

I couldn't sell it. For me it looks like buyers assume that reported income and traffic of any listed site is higher than the actual figures. So they expect a ridiculously lower price for sites.

There are so many listings that wants to sell for 2 - 3 times monthly earnings. Why would anyone want to do that? Can't they just keep the site themselves for another 3 months and earn that money.